An entity controlled by Low Keng Huat (Singapore)'s managing director Marco Low Peng Kiat has revised its privatisation offer to 78 cents, versus an earlier bid of 72 cents.
The offer, made via a vehicle called Consistent Record, is "final".
At 78 cents, it is a cent below the company's NAV of 79 cents as at July 31, or $580.93 million, but still below the RNAV of $1.26 per share estimated by IFA for the offer Zico Capital.
As of Jan 13, the offer has received acceptances from just 5.58% held by other shareholders.
Low and his concerted parties together hold 75.95% of the company.
On Dec 31, Zico Capital indicated that the original 72 cents per share offer put forward on Nov 28 is "not fair" but "reasonable" and is recommending shareholders to accept the offer.
See also: Low Keng Huat appoints ZICO Capital as IFA for privatisation offer
The offer, which was to close on Jan 14, will now close on Feb 13 instead.
Low Keng Huat was founded back in 1969 and was listed on March 9 1992. It was a building contractor but is more active in recent years with its property investments, holding assets such as the retail units of Paya Lebar Square.
Low Keng Huat shares closed at 74 cents on Jan 13.
